Morocco drafting law on cryptocurrency use

Morocco is in the process of permitting the use of cryptocurrencies, according to the Central Bank governor. On Tuesday, Abdellatif Jouahri said that a draft law on cryptocurrencies is undergoing the process of adoption in the kingdom, Reuters reported.

Bank Al Maghrib «has prepared a draft law regulating crypto assets, which is currently in the adoption process», Jouahri said during an international conference held Tuesday in Rabat.

Jouahri announced that the monetary authority institution is also looking into ways of creating a central bank digital currency (CBDC). The latter will be controlled by the central bank, unlike decentralized cryptocurrencies, the same source added.

«Regarding central bank digital currencies, and like many countries around the world, we are exploring to what extent this new form of currency could contribute to achieving certain public policy objectives, particularly in terms of financial inclusion», he added.

This announcement comes as Morocco has banned cryptocurrencies since 2017.